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Sensex Plunges 4%, Nuclear Deal Advances
Sep 29, 8:50 PM ET |
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| Benchmark index in Mumbai, India dropped sharply after U.S. credit markets jitters dragged markets in Asia lower. Rupee dropped to a 12-year low as state controlled oil companies lock payment for imports. Suzlon Energy dropped 12%. The U.S. House approves nuclear deal with India. |
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Australia Dips 2%, Weak Commodities
Sep 29, 7:51 PM ET |
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| Australian stocks closed lower on Monday after markets in Asia and commodities prices fell. The benchmark index dropped 2% ahead of the closely watched vote on the U.S. House floor for the emergency financial package. Separately, RBA injected additional liquidity to money markets. |
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Wachovia, Citi Merger Talks; Bailout Plan Stalls
Sep 26, 11:27 PM ET |
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| The U.S. lawmakers struggle to define details and scope of the bailout plan that most citizens view as wasteful and unnecessary. Bank stocks fell after WaMu was seized by the Fed regulators and sold for $1.5 billion to JP Morgan Chase. Wachovia is in negotiation with Citigroup and stock drops 25%. |
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JP Morgan Raises $10 B, WaMu Purchase of $1.5 B
Sep 26, 01:39 AM ET |
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| JP Morgan raised $10 billion and may raise additional $1.3 billion to pay for the recent purchase of the banking operations of Washington Mutual and will have the second largest branch network. The bank will write down WaMu loan portfolio by $31 billion and shut up to 10% of its branches. |
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Banks Drop, Research in Motion Plunges
Sep 26, 11:09 AM ET |
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| U.S. stocks edged lower after lawmakers debate alternatives to the proposed bailout plan from the U.S. administration. Washington Mutual, 120-year old bank was seized and sold by the Federal regulators to JP Morgan. Morgan Stanley, Wachovia and Goldman Sachs dropped. Research in Motion plunged 25%. |
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UK Banks, Miners Drag Index 2% Lower
Sep 26, 5:40 PM ET |
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| UK benchmark stock index fell 2% after banks and commodities related stocks decline. Weakening domestic economy, tight lending conditions and falling metal prices dragged market indexes lower. The demand for government intervention grew as bankers sought relief in the UK. |
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Japan CPI Rises; Shippers, Steel Makers Down
Sep 26, 5:38 PM ET |
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| Consumer price index in Japan rose at a rate faster than wage gains for the fourth month and rose above 2% for the second month in a row. Food, energy and other daily needs continue to rise. In stock trading, shipping lines and steel companies declined. |
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Ping An Drops 10%, Beijing Airport Net Down 90%
Sep 26, 3:33 PM ET |
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| Hong Kong stocks fell as credit markets weaken in the U.S. and Europe. Ping An will increase its provision for losses after Fortis drops to another low on liquidity concerns. Beijing Airport net income drops 90% on a rise in operating costs and fewer passenger traffic. |
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Weakness in Rupee, Sensex Down 3.4%
Sep 26, 5:38 PM ET |
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| The weakness in financials and realty stocks and dragged the benchmark index lower. Tata Motors fell 3% after the conglomerate sold 1.3% in Tata Steel. Rupee lost 5.6% in the week and dropped as low as 46.97 before recovering to close today at 46.54 to a dollar. |
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Austraila A$4 B Bailout; Inpex Picks Darwin
Sep 26, 5:39 PM ET |
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| Australia plans to spend A$4 billion to purchase illiquid mortgage securities and hopes that the move will improve liquidity in the credit markets. Inpex Holdings of Japan picked Darwin for its $20 billion LNG plant after frustration with delays for a location in Western Australia. |
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